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Cite as: MBIA Inc., et al v. BN AMRO Bank, N.V. 601475/09, NYLJ 1202477729572, at *1 (App. Div., 1st , January 11, 2011)Before: Peter Tom, J.P.; Angela M. Mazza
With BP fund administrator Kenneth Feinberg proposing that tort claimants waive their right to sue the oil giant, The Wall Street Journal has suggested that the "sleeper" suit facing BP is the consolidated securities class action. But we're wondering if Morrison v. NAB will reduce claims in that case to small potatoes.
Trustee's Claim of Protection Denied
A New York appellate panel held that a bank was liable for its failure to diversify investments held in its trust. Although the beneficiaries agreed to a waiver stating the investment would consist entirely of IBM stock and holding the bank harmless in the event of a drop in value, the panel ruled the waiver did not insulate the bank from liability.Astor's Son, Lawyer Guilty of Looting Estate
After 20 weeks of trial and on its 12th day of deliberations, a Manhattan jury yesterday handed down a verdict that, unless overturned on appeal, will send Brooke Astor's 85-year-old son, Anthony D. Marshall, to prison for at least a year for looting his mother's estate. Further, the result of the criminal trial almost certainly will reduce Mr. Marshall's recovery in a separate surrogate's proceeding from the $132 million fortune of the society figure and philanthropist who died in 2007 at the age of 105. Francis X. Morrissey, a lawyer who assisted Mr. Marshall in Ms. Astor's estate planning, was convicted of all five charges against him, including forgery.Freshfields' Restructuring Marks a Break With the Past
This year, for the first time ever, London's Freshfields Bruckhaus Deringer was sued by a former partner. Never mind the damages sought; the publicity was bad enough. The suit and the internal wranglings it exposed are testimony to a cultural shift at Freshfields, which had always prided itself on a certain collegiality. Underperformers have been weeded out, and the firm's equity partnership fundamentally altered. Now, as the bloodletting draws to a close, partners insist that the upheaval was worth it.Wachovia agreed to pay $160 million for failing to maintain an anti-laundering program that might have detected the activities of Mexican currency exchange houses handling drug cartel money.
It will be up to Delaware Chancellor Leo Strine Jr., not New York Supreme Court Justice Shirley Kornreich, to preside over the crucial next two months of arguments in shareholder litigation over NYSE Euronext's $8.2 billion sale to IntercontinentalExchange.
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